AML/CFT obligations imposed on reporting institutions are stipulated under PART III. Prevention of Money Laundering and Terrorism Financing – Art.14 of the AML/CFT Act 2016. The obligations include the requirement to:
- Implement AML/CFT risk management that commensurates with the level of money laundering and terrorism financing risks;
- Conduct customer due diligence;
- Keep a proper record of the customer and transactions;
- Implement AML/CFT compliance program
- Report suspicious transaction report (STR); and
- Report Large Cash Transaction Report (LCTR) for amount $10,000 and more.
Who are the Reporting Institutions under the AML/CFT?
Sector | Reporting Institution |
Banking | Commercial, Islamic Banks |
Insurance | Motor, life, goods, property and others |
Money Service Business | Remittance – Domestic & International |
Mobile Money | Mobile wallets |
Micro Finances | Small lenders |
DNFBPs | Accountants, lawyers, public notaries |
Others | Others |